Can you set up a switching account

coopsxx
coopsxx Posts: 23 Forumite
First Anniversary Combo Breaker
in Budgeting & bank accounts
Hi I have my main account with salary and bills etc. So dont want to switch this out as its a hassle.

Can I set up another account and use this to keep switching to collect the deals etc? or set up multiple accounts elsewhere and keep doing this?

I assume this wont be an issue as long as i meet the pay in requirements etc? or does it have to be my main / only bank account?

thanks.

Comments

  • grumbler
    grumbler Posts: 58,629 Forumite
    Name Dropper First Post Photogenic First Anniversary
    Yes, that's what many people do.
    Usually, this can even be another account at the bank you already have an account with.
  • sazzy04
    sazzy04 Posts: 4 Newbie
    How do you know which accounts you can do this with?
  • grumbler
    grumbler Posts: 58,629 Forumite
    Name Dropper First Post Photogenic First Anniversary
    Any that satisfies the switching offer formal requirements.
  • sazzy04
    sazzy04 Posts: 4 Newbie
    How do you know which ones they are?
  • grumbler
    grumbler Posts: 58,629 Forumite
    Name Dropper First Post Photogenic First Anniversary
    By checking the switching bonus T&C
  • zebedy
    zebedy Posts: 425 Forumite
    I did this. Because I really didn't want to use my 'real' current account at all, first of all I just opened a very basic bank account (think it was a Santander one), which had no deals or offers. I then set up a couple of 'less important ' direct debits - a magazine subscription and a charity donation - and put some money into it as a float. After a month or so I found a good switch deal that only needed 2 DDs and switched and closed it. I used standing orders to ping in the monthly required deposit and ping it back out 2 days later (from and to my real current account), collected the switch reward and then looked for the next deal. I've done this countless times now but only to offers that require 2 or less DDs and have a monthly deposit requirement of <£1000.
    It requires a bit of work, record keeping and effort but it's worth it for the £100 or M&S gift card etc.
    Go for it just make sure you fulfil the t&cs and don't put your vital DDs in jeopardy because there are always some hitches in the switching process
    MS Stalwart. Used site for >10 years :j
    Make Do, Mend and Minimise member - focussing on upcycling/repurposing and sewing
  • castle96
    castle96 Posts: 2,885 Forumite
    First Anniversary First Post
    When you find yourself running out of 'real' direct debits, you will feel the need for a Tesco Bank, Instant Access and a Internet Saver a/c. You can set up a dd for eg. £1 to yourself, and then fulfil some banks requirements for "2 different dds", eg one from each a/c.
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